Do you Still Need Landlord Insurance on Top of That?
You Do Have Homeowner’s Insurance – Do you Still Need Landlord Insurance on Top of That?
Certainly you know how much having homeowners insurance can help you – in the event that something should happen to damage your home. But if you own a home that you rent out, did you ever consider taking out landlord insurance to protect your investment in the rental market? Homeowners’ insurance in the event of a fire for instance, would certainly cover you for the cost of the damage that’s been done to your home. It will do nothing to help you with the rent that you lose for the time that your house is uninhabitable. That’s where landlord insurance comes in.
What kinds of protection do you get when you take on the added burden of paying for insurance of this kind. To begin with, they reimburse you for any rent you’re not receiving for the time that it takes to get your building back in order. And this is on top of what your homeowners insurance pays you to get your building fixed. Landlord insurance can help you in situations that don’t involve damage to your building too. For instance, let’s say you have a troublesome tenant who won’t pay his rent. You want to sue your uncooperative tenant. Your landlord insurance will take care of the cost of what it takes to get an order from the court to have your tenant evicted.
What if there is a problem with the house you are renting out – what if the tenant is somehow injured by something that he considers to be your fault? What if he trips on a loose tile, injures himself, and sues you for poor maintenance? Whatever the whole lawsuit costs you – in defending yourself and proving yourself innocent, or in losing and paying up – the insurance company has your back. Landlord insurance isn’t going to protect your tenant from any damage to his possessions of course – they would need renters’ insurance for that. But anything that you provide along with the house – the furnace or perhaps certain items of furniture – any damage that occurs to those, comprehensive landlord insurance would be happy pay for those Watch Glee Season 3 Episode 9.
Getting all this protection does cost something though. For less outlay in premiums, you can get some of the most important kinds of protection and leave out the rest. With Peril insurance for instance, you only get protection against serious damage to your property. As for the articles and amenities that you provide with the house, any loss to those – things like the furnace, higher-priced landlord insurance will actually give you enough in reimbursement to help you buy new stuff all over again. Some of the lower-priced insurance options will only reimburse you for what the old furnace was worth. To landlords who really depend on their rental income, the decision to get insurance of this kind can be a no-brainer.
Tags: Insurance